tv On the Money NBC March 13, 2016 5:30am-6:00am EDT
how to have the talk and to outsmart scammers. this is "on the money." your money, your life, your future. on tuesday, primary voters in two battleground states ohio and florida will go to the polls and the number of potential presidential candidates in the race could still narrow. everyone is promising better economic times ahead, but are the promises grounded in reality? what do the plans mean to your wallet. >> get him out now. get him out. >> excuse me, i'm talking. >> and you know what they say about men with small hands -- >> it has already been a wild year on the campaign trail, what will all of the noise mean for the economy and your money? not even the experts can say for sure. >> it is amazing. it's almost a civil war within
are having difficulty with this. >> but there will be a new president next year and that will mean big changes for your taxes, retirement, and jobs. on toxs, republicans are over the map. there is a consensus to lower taxes, but there is a disagreement on how to do that. donald trump would cut deeper lowering the top individual rate to 25%. for the democrats, the emphasis is on getting the rich to pay more. hillary clinton would require those with incomes higher than $1 million to pay at least 30%. retiry retirees may want to pay attention to. bernie sanders can calling an increase from everyone of about $465 per month. hillary clinton would target increased benefits to specific
time off from their career to raise children. >> the biggest deal would be that for trade. >> secretary clinton supported virtually every won of these disastrous trade agreements written by corporate america. >> we have to get rid of those horrible trade deals. it's going to burst. we can't continue to lose $500 billion. >> i could sum it up this way, get used to it. >> all eyes turn now to march 15th when we may get more colorfulty on who will win and which of these plans might stand a chance of becoming law next weekend. >> thank you very much. >> thank you. >> could your tax bills shrink
scott hodge is from the tax foundation, thank you for being here today. >> thank you for having me. >> let's start with dond trump's plan, he slashes tax rates for everyone, but you said it could had $10 trillion to the deficit in the next decade. he says he could make that up for cutting waste and fraud, is that viable? >> no, it's a dramatic overreach and promise. he does cut taxes across the board for individuals and corporations, but he does it in a very ad hoc way and i don't think he makes the systemic or structural changes that could lead to dra make improvements in the overall efficiency or productive ity of the economy. >> let's talk about bernie sand erp ers, he wants to raise taxes for just about everyone.
those making over $10 million. >> we crunched the numbers and found it reduced the size of the economy by almost 10% and relimb nated nearly five million jobs. >> you're talking about a decline in gdp of 10%. >> yes, the level of gdp, the level of productivity, reduced wages across the board for everyone. >> how about ted cruz. he is talking about a consumption tax like europe, what are the pros and cons? >> it's very interesting. he eliminates the corporate income tax and replaces payroll tax with business activity tax or flat tax. it's like a value added tax. it's very efficient, it's good
full expensing for business investment, it's good for productivity, but it places an additional burden on workers and it raises a lot of revenues for the federal government that allows ted cruz to reduce individual income tax rates to 10%. that is dra make for everyone. so that would off set the burden from the higher tax. >> how about hillary clinton, how do you think it would impact people approaching retirement? >> i think it could have a very chilling effect on the market and on investors overall. what she tries to do is control when people realize capital gains by taxing people at different rates when they realize the gains. so if you're at a high income, your tax rate could be as high as 47% on your capital gains.
next seven years depending on gains. that could slow down the market considerably by reducing the amount of churning that goes on, which she argues is a good thing, but it could have a chilling effect on the market overall. >> if the agreements that we have right now were abolished, what would be the impact on the global economy? >> trading with other nations and others is very good for all of us at the end of the day. the more we have free trade, the better off we are, the lower the prices we pay for goods and the better services we get, unfortunately a lot of people react in a very visceral manner
like donald trump and bernie sanders sanders on t a fareful of what it could do to the united states and the economy as well. ita could lead to trade wars and that's never good for anyone. >> scott, thank you for your time today. >> you bet, thank you. sheer a look at what is making news as we go into a new week "on the money." trying to boost europe's faltering economy this week. mario draghi ierks i cut interest rates again and is trying to get banks toe lend more to businesses and consumers. it's one that has grown slowly for years. after digesting the move on friday, markets roast sharply early on friday. the dow climbing at the open and continuing up at the close on friday preponderate irs has a billion dollars they want to give people that are due refunds from all of the way back 2012
returns have not been filed. if you think you're owed money you better get moving soon. >> if you're thinking about a trip, the people at google hope you will be able to look at them them. up next, strange but true. the state you need thousands of o hours of training to braid here and how home baked goods could lan you in jail. later, we talk trash. 40% of uneaten food in america end up in a landfill. take a look at how the stock market ended the week. en your cold is this bad... ...you need new theraflu
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starting a small business can be difficult enough under the best of circumstances. it requires big chunks of time, money, and commitment. many times there are other obstacles in the way. >> that is right, that includes regulations, now some small business owners are fighting back. >> i have flash cards here that i made up, hundreds of them. >> kimberly bill ups studied for months for the tour guide exam. but she says a city law requiring a 200 question test based on a 500 page book and an oral exam stays in her way. >> the authors, the signers of the declaration of the independence are baur uried in our backyard, and the hypocrisy of
>> the red tape has long plagued main street, but now they're fighting back with the law firm "the institute for justice." >> this is nothing more fundamental than the idea that you can start your own business, be your own boss. the last thing we need is for the government to stand between a would be entrepreneur and a customer. >> they say they have a only indication to regulate it. >> in wisconsin it is over cookies. lisa takes pride in the muffins
bed and breakfast. the state does not allow for baked goods not made in a commercial kitchen. she can serve her guests the streets, but if they want some from the road, she can't sell them. >> i have lost money. >> they filed suit in january against the wisconsin department of agricultural, trade, and commerce. and a third case involves hair braiding in ohio iowa. their plaintiff has to get a full cosmetology license that can cost up to $5,000 to braid here. something she learned when she was three. hair braiders are exempt from the traditional definition of
>> the regular tear structure, there are more and more laws tough to get around, but is it getting better or worse? >> it is getting worse, but they said about 50 years ago, about 5% of occupations required licenses and it was doctors and attorneys and people like that. the white house got involved last year, they relates a report on the occupational licenses and they say the skills you need to have have nothing to do with the job. >> so they're saying it's a state by state problem? >> yeah, they say you have to take on all of these hours of education to braid hair when you already know how to do it. and food being sold at a
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and sounds from the daily table. it may not sound all that unusual, but when you figure out how it's working, it is. they're selling food at a deep discount and it is used food from other store that's are near expiration or too ugly for others to sell. doug rauch is joining me now. how was this idea hatched? >> it was two-fold. the food that we're wasting in america. it is a staggers amount. and one in six americans are insecure or food hungry. >> you're running this as a not for profit. what is your business model? could you run it for a profit? >> running as a not for profit because the tax code
growers, and grocers to donate wholesome, healthy, excess food. e want to be a nonprofit, run as a business, a hunger relief agency. >> how much lower are your prices when you compare them to other stores in the area? >> the first thing we ought to set straight is that our main competition it turns out is fast food. most community that's are economically challenged, people don't have any time. our mission was to create grab and go, ready to eat meals they can grab and eat, warm in a microwave, it is healthy and nutritious. and the other products we carry is relatively limited number of
grocers are feeling our impact. i think we sell milk, eggs, and bread, things like that. we have 75 or 100 items you would find in a normal store. >> what is the biggest hurdle? is it logistics? getting people to eat ugly food? >> you would be surprised at the beautiful quality of the product we're getting. many of the things we get is just expossess product left over at the end of the day that is just beautiful, but they can't hold it to the next day. so how do we bring affordable nutrition into a struggling area that are having epidemics of obesity, diabetes, heart disease, et cetera, because they
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follow us on twitter twitter @onthemoney. we'll see earnings he reports. on monday, we'll learn if the federal reserve will raise interest rates. also on wednesday, a read on inflation with the consumer price index. and a look at housing with the housing starting for last month. on thursday, get ready, ewe going go -- you're going to be seeing a lot of green out there because it is st. patrick's day. your parent dst a good job keeping you safe, now it is time to help them. how can you help your parents money and their future? sharon epperson joins us right now with more, what should you
>> here is the hardest part. many people say my parents don't want me to do anything. they don't want to talk about their finances, but you need to get that conversation started. maybe you assume they are on the right path, right? they could be. you need to know where they stand, where they keep certain documents. you need to know what they have and what they don't. >> what are some signs you should be watching for? >> when you see a pile of bills that have not been paid, notice from creditors, suspicious activity, going to the atm or bank at times they shouldn't, or you have statements that say they are and they're not even able to get out of the house.
popular scams? >> we hear a lot about identity theft, with seniors it comes to the medicare number and medicare scams are huge. if someone says you're entitled to are refund or free products, but they need your number, you don't ever want to give out your medicare number. >> this is true, particularly when we're also talking about the irs and taxes, you're contacting via regular mail, you verify it is the agency contacting you and not a scam. many of them will only contact you by regular mail.
we're going to get you. do it on a prepaid or a debit card. no. >> that's the show. next week, the business of weight loss. the diet industry keeps exfanding as americans try new ways to drop the pounds and keep them off. have a great one, i will see you next weekend. . coming up next on "today in new york," a child rorped missing is safe this morning. police still looking for the man accused of taking him without permission. his own pear father. donald trump, more mayhem on the campaign trail. those stories and chris cimino with his sunday forecast. i'm gus rosendale. i am pat battle.
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new this morning, deadly violence at a queens bodega. two employees shot overnight. the search resumes for two men missing after a tugboat hits a barge on the hudson river. good news this morning about a connecticut boy at the center of an amber alert. now police want to find his father, too. good morning to you. welcome to "today in new york" on this sunday, the 13th of march. i'm pat battle. i'm gus rosendale.